Path Solutions is pleased to announce that it has recently completed the successful upgrade of iMAL Islamic core banking platform at Boubyan Bank.
Established in 2004, Boubyan Bank is the first fully-fledged Islamic bank in the state of Kuwait operating in four segments; Consumer Banking, Corporate Banking, Investment Banking, and Treasury. The bank provides a variety of banking services in compliance with the provisions of the noble Islamic Sharia to individuals and corporate customers. In 2009, the National Bank of Kuwait (NBK) became the majority shareholder of the bank.
The bank’s decision to upgrade to the new iMAL R14 version comes as an important part of a plan to transform the bank into an all-digital platform to deliver efficiency, enhanced customer experience and lower operational costs. This upgrade supports the bank’s ambition to continue being the undisputed leader in offering digital services to its customers. In addition, the new platform will enhance performance and reduce time-to-market for new products.
Dubai-based McKinsey & Co. was engaged as the trusted advisor and counselor to Boubyan Bank on this critical venture for decision-making and during the build-up and implementation phases, and it has also contributed as value assurance partner, and thus, they were integral to the project success.
“It takes continuous effort to maintain high customer satisfaction levels; we believe that advanced technology will help us deliver the exceptional service our customers expect from us”, stated Adel Abdul Wahab Al-Majed, Vice-Chairman & Chief Executive Officer of Boubyan Bank. “Through this recent iMAL modernization, we are better prepared to take advantage of the latest innovations, a full functional coverage that is constantly enriched, and an ever-evolving and scalable architecture. I proudly salute both teams who, despite a very tight project schedule with a huge scope, were able to deliver the benefit and value expected, i.e. meeting performance requirements and service levels, such as availability, reliability, and speed”, Al-Majed said.
The new iMAL version’s comprehensive data-oriented and digital coverage coupled with the benefits of an integrated platform, a robust implementation methodology and a proven track record, convinced Boubyan Bank and McKinsey that Path Solutions was still the right technology partner for this project. This upgrade will result in a direct quality improvement across the bank’s services; and with the new system features, the bank will be able to move to insights-driven customer relationships, which will bolster product innovation by developing a wide range of customized offerings for its customers.
Mohammed Kateeb, Path Solutions’ Group Chairman & CEO commented, “As a result of true teamwork between the three organizations, our strategic long-term partner Boubyan Bank has successfully completed this amazing upgrade project. We are very excited to be able to support the bank’s strategic digital transformation and aggressive growth initiative through the new open architecture of our Islamic core banking platform that will help them achieve full digitalization, high customer satisfaction and unprecedented operational efficiency. We are confident that the new version of iMAL will empower Boubyan Bank to be an important leader in the new realities of the current financial services revolution”.
The Boubyan Bank system upgrade demonstrates how Path Solutions’ combination of consulting expertise, technology excellence, proven implementation methodology, and deep industry knowledge delivers significant results. With over 140 forward-thinking Islamic financial institutions serviced across 11 branch offices, Path Solutions remains the technology partner of choice for those that wish to stay competitive and Sharia-compliant.